As per the people familiar with the matter, Vedanta Ltd. has mandated JPMorgan Chase & Co. to help it raise Rs 2,500 crore which sums up to USD 300 million via rupee-denominated bonds.

Furthermore, according to people who asked not to be identified as the information is private, JPMorgan’s financing-solutions department in India, which is headed by Nitin Rungta, is trying to connect with potential investors on behalf of the metals and mining company. These prospective investors will include global private credit funds.

Additionally, the people also noted  that the tenor of the proposed bonds is expected to be in the range of 3-5 years, wherein, proceeds would be used to support the company’s business activities.

As Vedanta seeks to improve its debt and cash profile, the company’s spokesperson highlights that the group continues to exercise refinancing and capital-raising activities from diverse sources. However, a JPMorgan Spokesperson declined to comment further.

If we go back earlier this month, a committee of Vedanta’s directors approved the plan to raise as much as INR 2,500 crore through a private placement of non-convertible bonds.